Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More
Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Solid growth for NZ despite fragile world economy

Hon Steven Joyce

Minister of Finance

22 December 2016

Solid growth for NZ despite fragile world economy

The New Zealand economy continued to grow solidly in the September quarter, posting a higher than expected 1.1 per cent growth rate for the quarter and 3.5 per cent over the last year, Finance Minister Steven Joyce says.

“New Zealand’s focus on developing a strong and open economy is delivering good results for Kiwi families, especially relative to most of the rest of the developed world,” Mr Joyce says.

New Zealand’s economic growth in the year to September was the fifth strongest in the OECD ahead of Australia (1.8 per cent), the USA (1.6 per cent), Canada (1.3 per cent) and the Euro Area (1.7 per cent).

“We are starting to see the benefits of a clear and stable focus on economic fundamentals coupled with a determination to build a competitive environment from which Kiwi companies can succeed on the world stage.”

Growth in the quarter was strong across 13 of 16 industries, including:
· Business services (up 2.0 per cent)
· Transport, postal, and warehousing (up 3.7 per cent)
· Construction (up 2.1 per cent)
· Manufacturing (up 1.2 per cent)

“It’s hard to overstate the importance of key service sector exports like tourism and education in New Zealand’s economic success in recent years. They have taken up a lot of the shortfall as the dairy sector went through its downturn. Other food sectors and hi-tech exports have also contributed significantly,” Mr Joyce says.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

The Current Account deficit was unchanged at 2.9 per cent for the year, well below the long-run average. New Zealand’s external debt was 58 per cent of GDP, compared with 83.8 per cent of GDP back before the GFC in 2008.

Treasury’s half-yearly Fiscal Update predicts growth to average 3 per cent per year out to 2021, with a further 150,000 jobs expected to be added to the New Zealand economy over the same period.

“The future is looking positive for New Zealand, but these are of course just forecasts. The world remains an uncertain place and it is important that the Government, businesses and households collectively keep our feet on the ground and not go crazy with the credit card. If we work hard, maintain our economic programme and increase our competitiveness we can continue to improve the outcomes for Kiwi families,” Mr Joyce says.

ends

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines



Gordon Campbell: On Dune 2, And Images Of Islam


Depictions of Islam in Western popular culture have rarely been positive, even before 9/11. Five years on from the mosque shootings, this is one of the cultural headwinds that the Muslim community has to battle against. Whatever messages of tolerance and inclusion are offered in daylight, much of our culture tends to be hostile to Islam when we’re sitting in the dark, with popcorn.
Any number of movie examples come to mind, beginning with Rudolf Valentino’s role (over a century ago) as the romantic Arab hero in The Sheik...
More


 
 


Government: One-stop Shop Major Projects On The Fast Track

The Coalition Government’s new one-stop-shop fast track consenting regime for regional and national projects of significance will cut red tape and make it easier for New Zealand to build the infrastructure and major projects needed to get the country moving again... More

ALSO:


Government: GPS 2024: Over $20 Billion To Get Transport Back On Track
Transport Minister Simeon Brown has released the draft Government Policy Statement (GPS) on Land Transport, outlining the Coalition Government’s plan to build and maintain a transport system that enables people to get to where they need to go quickly and safely... More

ALSO:

Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.